Biggest Tax Hikes to Ever Hit?
I will just summarize here what it’s about and allow you to take it upon yourself to look further into it if you choose.
The first wave is expected to hit on January 1, 2011. It is due to the expiration of the 2001 and 2003 tax cuts given to families, owners of small businesses and investors.
Personal income tax rates will increase, to as high as 39.6%. There will be a narrower tax bracket for married people and the child tax credit is expected to be slashed in half.
The death tax is expected to return; capital gains will go up, dividends tax will increase.
The second wave is going to make up what falls under “Obamacare.” Some of them will also go into effect on January 1, 2011. They will include taxes on things like tanning and brand name drugs. There are over 20 new expected tax increases.
The third wave is expected to affect tax returns, again, starting in January of 2011.
All of this adds up to exactly what this nation doesn’t need…higher taxes.
Like I said, I cannot verify the 100% accuracy of these three expected tax hike waves to occur. But I am carefully watching the economy and the news.
Just the latest Labor Day speech President Obama gave concerning a $50 billion infrastructure project meant to boost the economy and create jobs has me suspicious. Some believe this is nothing but another stimulus package.
All I see is more and more spending. Even some democrats are beginning to recognize the craziness of it all. And if taxes do go up, it could lead to economic devastation. We heard the promises; taxes will not increase if you make more than $200,000. Was it nothing more than a political ploy? While we may all disagree on the validity of this, the reality is that time will tell. Biggest tax hikes to ever hit? We shall soon see.
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